A leading candidate in the Republican presidential primary race is criticizing the Dodd-Frank Act financial regulatory overhaul passed by Congress last year.
Mitt Romney is stepping up his attacks against the Dodd-Frank Act that was passed in response to the financial meltdown to enact consumer protections, reform derivatives trading and impose new regulations on mortgage lenders and hedge funds, Boston.com reports.
Romney has always been publicly against the new law but recently announced he would repeal Dodd-Frank if he were elected president.
“The extent of regulation in the banking industry has become extraordinarily burdensome following Dodd-Frank,” Romney said, Boston.com reports. “I’d like to repeal Dodd Frank, recognizing that some revisions make sense.”
Romney said he agreed with regulating derivatives and having different capital requirements if someone is holding a home mortgage compared to someone holding high-risk securities. He said the 2,000 pages of rules, however, are overwhelming for community banks.
In April, Sen. Jim DeMint (R-S.C.), the chairman of the Senate Steering Committee, introduced The Financial Takeover Repeal Act of 2011, which is aimed at repealing Dodd-Frank.
“We must repeal the Democrats’ takeover of the financial markets that favors Wall Street corporations, over-regulates small businesses with massive new bureaucracy and hurts consumers,” DeMint said. “This financial takeover will strangle our economy and move jobs overseas unless it is repealed.
The bill remains untouched in the Senate.